15 February The Manager - Listings Australian Securities Exchange Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000

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1 Brambles Limited ABN Level 40 Gateway 1 Macquarie Place Sydney NSW 2000 Australia GPO Box 4173 Sydney NSW 2001 Tel Fax February 2011 The Manager - Listings Australian Securities Exchange Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000 Via electronic lodgement Dear Sir COPIES OF SLIDES FOR WEBCAST At am AEDT today, Tom Gorman, Chief Executive Officer and Greg Hayes, Chief Financial Officer, will webcast a presentation of Brambles results for the half-year ended 31 December The slides for that webcast presentation are enclosed. The slides and webcast will be available on the Brambles website at Yours faithfully Brambles Limited Robert Gerrard Group Company Secretary {RNG }

2 2011 first-half results 15 February 2011 Discussion topics Business update and result overview Tom Gorman, CEO Result analysis Outlook Growth initiatives update Emerging economies focus Summary Greg Hayes, CFO Tom Gorman, CEO 2 1

Business update and result overview Tom Gorman, CEO Result highlights Sales revenue up 3% Uneven economic recovery in Brambles key regions Customer retention and new business wins Strengthening

3 Business update and result overview Tom Gorman, CEO Result highlights Sales revenue up 3% Uneven economic recovery in Brambles key regions Customer retention and new business wins Strengthening customer relationships Operating profit up 8% Improvement in all business units Defending the business and investing for growth Quality initiatives Growth plans on track Increased capital expenditure, targeted acquisitions Investment in innovation and business development Strong emerging economy performance 4 2

4 Financial highlights Change (%) US$M 1H10 Actual FX Constant FX* Sales revenue 2, , Operating profit** Profit after tax** Earnings per share (US cents)*** Dividends per share (Australian cents) Change (US$M) Cash flow from continuing operations (110.2) Free cash flow after dividends (3.4) (136.7) * Brambles calculates constant currency by translating results into US dollars at the exchange rates applicable during the prior corresponding period. ** Includes US$6.4M of Significant items, including US$6.9M of acquisition-related costs and US$(0.5)M of other. *** Earnings per share includes discontinued operations. 5 Strong new business wins US$M Net new business* annualised** CHEP Americas CHEP EMEA 14 5 CHEP Asia-Pacific 2 8 Recall 8 19 Brambles * Net new business = change in sales revenue in the period resulting from business won or lost in the period and the previous 12 months. Net new business is calculated on a constant currency basis. ** Annualised = net annualised value of business won and lost during the period. 6 3

Business highlights CHEP Americas Sales revenue up 5% Growth in all countries Latin America up 19% LeanLogistics up 16% Ongoing competitive activity Defending and growing the business Leading brands

5 Business highlights CHEP Americas Sales revenue up 5% Growth in all countries Latin America up 19% LeanLogistics up 16% Ongoing competitive activity Defending and growing the business Leading brands re-committing Improved CHEP USA business Customer feedback continuing to improve Better Everyday costs as per Aug 10 guidance US$199M of contract renewals in in USA SME strategy building momentum 7 sales growth in CHEP USA 20% increase compared with 1H10 Annual issue volumes <100K Annualised sales revenue impact (US$M) 13 Contracts (#) K-500K 500K+ Total wins Losses Net (12) (16)

Business highlights CHEP EMEA Sales revenue down 2% Negative impact from weaker euro and pound Volume up 2% Automotive sales

France, UK Significant progress in emerging economies Middle East & Africa sales revenue up 26% Central & Eastern Europe

from currency Australia performance in line with slower economy in Dec quarter RPC and auto growth Emerging economies China

6 Business highlights CHEP EMEA Sales revenue down 2% Negative impact from weaker euro and pound Volume up 2% Automotive sales revenue up 3% Volume growth in Western Europe Growth in Germany, Italy, Benelux, Scandinavia Difficult conditions in Spain, France, UK Significant progress in emerging economies Middle East & Africa sales revenue up 26% Central & Eastern Europe sales revenue up 16% Positive start in Turkey 9 Business highlights CHEP Asia-Pacific Sales revenue up 13% Positive impact from currency Australia performance in line with slower economy in Dec quarter RPC and auto growth Emerging economies China and India sales revenue up 91% Partnerships in FMCG and auto South-East Asia sales revenue up 23% Growth to require further investment 10 5

Business highlights Recall Sales revenue up 6% Major contracts wins Carton volume growth 6% Higher paper prices Increased investment in facilities, sales-force and systems Strong growth in emerging

7 Business highlights Recall Sales revenue up 6% Major contracts wins Carton volume growth 6% Higher paper prices Increased investment in facilities, sales-force and systems Strong growth in emerging economies 11 IFCO update CY10 result in line with Brambles expectations Acquisition timetable on track Regulatory approval received in all required European countries Clearance process in USA progressing as expected Public tender offer launched Dec 10 on track A$110M raised in Dec 10 through Share Purchase Plan Integration planning underway 12 6

8 Result analysis Greg Hayes, CFO Result overview Actual FX Constant FX US$M 1H10 Growth % Sales revenue 2, , , Underlying profit Operating profit Profit before tax Profit after tax Statutory EPS* (cents) Cash flow from operations (27) Brambles Value Added *Earnings per share includes discontinued operations 14 7

9 CHEP CHEP overview Actual FX Constant FX US$M 1H10 Growth % Americas EMEA Asia-Pacific Sales revenue 1, , , Operating profit Profit margin (%)

10 Americas sales revenue US$M, constant currency basis H10 Price, mix Organic volume Net new business 17 Americas operating profit US$M, constant currency basis 14 (13) H10 Vol, price, mix Quality initiatives Direct costs 18 9

11 EMEA sales revenue US$M, constant currency basis H10 Price, mix Organic volume Net new business Unitpool 19 EMEA operating profit US$M, constant currency basis 16 (10) H10 Vol, price, mix Quality initiatives Direct costs Other 20 10

12 Asia-Pacific sales revenue US$M, constant currency basis H10 Price, mix Organic volume Net new business 21 Asia-Pacific operating profit US$M, constant currency basis 6 (4) H10 Vol, price, mix Direct costs Other 22 11

13 Recall Recall overview Actual FX Constant FX US$M 1H10 Growth % Americas Europe Rest of world Sales revenue Operating profit Profit margin (%)

14 Recall sales revenue US$M, constant currency basis H10 Price, mix Organic volume Net new business 25 Recall operating profit US$M, constant currency basis 12 (3) (5) H10 Vol, price, mix Direct costs Other 26 13

15 Cash flow and finance Cash flow US$M actual rates 1H10 Change EBITDA Capital expenditure (338.6) (254.6) (84.0) Proceeds from disposals (3.8) Working capital movement (34.3) (21.4) (12.9) IPEP expense (7.5) Provisions / other (25.5) 10.4 (35.9) Cash flow from continuing operations (110.2) Significant items outside ordinary activities (14.0) (35.1) 21.1 Cash flow from operations (incl. Significant items) (89.1) Financing costs and tax (175.7) (130.6) (45.1) Free cash flow (134.2) Dividends paid (103.8) (101.3) (2.5) Free cash flow after dividends (3.4) (136.7) 28 14

16 Financial position Actual rates Dec 10 Jun 10 Net debt (US$M) 1, ,759.3 Gearing* (%) Actual rates 1H10 Covenants EBITDA**/ net finance costs (x) (min) Net debt/ EBITDA (x) (max) * Net debt to net debt plus equity ** EBITDA defined as operating profit from continuing operations after adding back depreciation and amortisation and Significant items outside ordinary activities 29 Outlook 15

17 Outlook On track for FY11 result in line with Aug 10 guidance Sales revenue growth in all business units at constant currency Operating profit before finance costs and tax of US$740M to US$780M* June 2010 foreign exchange rates Excludes any contribution or acquisition expense from IFCO Interest cost approximately US$115M Tax rate approximately 28% Subject to unforeseen circumstances and ongoing economic uncertainty * Comparable operating profit was US$352M. 31 Growth initiatives update Tom Gorman, CEO 16

Source: Brambles internal estimates, June

Source: International Trade Centre TradeMap

5BN Addressable pooled 48x40 opportunity

Global footprint Local networks Intellectual

Expertise in information management Customer

storage growth Expanding the reach Global

Plastic bins 11% EMEA Light vehicle RPCs 23%

2016*: The bridge between paper and Pallets

Explosion of data presents opportunities: 42

18 Source: Brambles internal estimates, June 2010 * Source: JD Power & Associates ** Source: International Trade Centre TradeMap ( Total pallet market ~US$9.5BN Addressable pooled 48x40 opportunity ~US$2.3BN Penetration ~US$1.1BN Other poolers <10% of addressable opportunity 20 Recap Brambles key strengths Global footprint Local networks Intellectual property Expertise in equipment pooling Expertise in information management Customer franchises Financial position 33 Delivering growth Strengthen the core CHEP USA SME pallets LeanLogistics RPC expansion Recall storage growth Expanding the reach Global automotive Global containers Recall digital Emerging economies Current initiatives Geographic expansion Served sectors USA Emerging markets CHEP USA continuous improvement Opportunity and penetration estimate Small and mid-sized company opportunity ~US$12BN ~US$1.1BN ~US$12BN ~US$1.1BN Transport (1%) Product scope expansion 5% Auto 13% Other 16% Global growth platforms Industrial 13% Auto Intercontinental 11% automotive flows Automotive FMCG 25% 60% IBCs CHEP automotive 19% penetration vs. assessed opportunity LeanLogistics 100% Plastic bins 11% EMEA Light vehicle RPCs 23% FY10 sales production, USA, Light vehicle Fresh 48% revenue: US$99M 2016*: 10M production, 33% Containers: 11M China, 2016*: The bridge between paper and Pallets 1digital 20% 16M Americas Market CHEP Explosion of data presents opportunities: 42 Specialised business process outsourcing Emerging technology to augment existing services Other complementary services 48 FY10 sales Market CHEPIntercontinental revenue: US$3M flow: US$19.8 BN** Containers: <100k Digital Size is not measurable; new solutions come to market every day Physical 67% unvended USA pallet market ~$9.5BN 1 CHEP USA core business expansion (~US$1.2BN opportunity) 45 Increased penetration into white wood 2 (~US$1.5BN 48x40 opportunity including IFCO) Non 48x40 platform expansion (~US$5.7BN opportunity) * (All figures US$BN) Intercontinental flow: US$29.0BN** Asia Pacific FY10 sales Intercontinental revenue: US$26M flow: US$26.5BN** Containers: 2M CHEP Other 48x40 Total IFCO 48x40 pooling addressable pool opportunity 48x40 48x40 Non Total white 48x40 market wood platforms

19 Focus on emerging economies Accounts for ~US$450M of Brambles sales revenue Growth rate of ~20% Regions Latin America Central & Eastern Europe Middle East & Africa Asia Opportunities for all Brambles businesses Actively assessing opportunities for further geographical expansion Emerging regions' share of group sales revenue (FY10) Developed 89% Emerging 11% 35 Brazil CHEP benefitting from increased palletisation Dec 10: 5-year Unilever renewal FMCG penetration 12% Recent wins with Bunge, Cargill IFCO RPC business growing strongly Recall business well-established and growing Projected Brazilian infrastructure spending, Metropolitan areas US$11.6B Other US$6.1B Railroads US$25.8B Roads US$28.5B Total: US$72B Source: Brazilian government s Plan for Accelerated Growth

20 China CHEP sales revenue up 76% over 1H10 Strong FMCG pallets growth Retailer advocacy: CRV, Wumart, Tesco, Walmart P&G, Walmart study supports palletisation Strong auto sector sales growth Sales revenue growth doubled vs. 1H10 Vehicle production forecast to reach 25M in 2015 (~18M in 2010)* Recall targeting major cities Grocery retail market structure by format (top 10 retailers) # of stores 10,000 9,000 8,000 2,000 1, ,031 7, , ,080 5, ,996 4,000 1,764 1,865 1,940 3,000 2,785 2,859 2,990 3,120 3, Hypermarkets Superstores/supermarkets Other Source: IGD Retail Analysis Datacentre, 2010 *Source: China Association of Automobile Manufacturers 37 India Strong growth in auto Major OEM customers: Maruti Suzuki, Tata, Mahindra Recent wins: Bosch, Autoliv, TRW Auto, Delphi, Valeo, Mahle National passenger car production forecast to be up 24% year-on-year in * Well-placed in FMCG Strong relationships allowing CHEP to promote standardisation Recent wins: Future Group, Nestlé, P&G, Unilever, Coca-Cola Tax system simplification to drive warehouse consolidation, pallet demand Recall well-positioned in key cities Million square feet High-bay warehousing demand Source: KPMG Adding Wheels Investing in the Indian Transportation & Logistics Industry 2010 *Source: Society of Indian Auto Manufacturers 38 19

21 Poland CHEP delivering strong sales revenue growth sales revenue up 15% Strong link to Western Europe Foundation of support from FMCG sector Global and local customers FY11 wins: Heineken, Carlsberg, Strauss Café Well-placed to grow in in RPCs Addressable opportunity in automotive estimated at US$50M CHEP Poland pallet opportunity Other 32M issues per year Immediate opportunity 43M issues per year Source: CHEP estimates Turkey Unique geographic location Key manufacturing base for major CHEP Europe customers Strong support from global FMCG pallet customers Unilever, P&G Encouraging prospects for RPCs Automotive business established with Ford Pallets RPCs Current addressable pooling opportunity Automotive Source: CHEP estimates 2010 US$100M US$50M US$25M 40 20

22 Summary Tom Gorman, CEO Summary Sales revenue and profit up against uneven economic backdrop Defending the business while investing in quality and growth Emerging economies performing strongly Growth initiatives on track Outlook in line with Aug 10 guidance 42 21

23 Disclaimer statement The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about and observe such restrictions. This presentation does not constitute, or form part of, an offer to sell or the solicitation of an offer to subscribe for or buy any securities, nor the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issue or transfer of the securities referred to in this presentation in any jurisdiction in contravention of applicable law. Persons needing advice should consult their stockbroker, bank manager, solicitor, accountant or other independent financial advisor. Certain statements made in this presentation are forward-looking statements. These forward-looking statements are not historical facts but rather are based on Brambles current expectations, estimates and projections about the industry in which Brambles operates, and beliefs and assumptions. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks, "estimates," and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Brambles, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forwardlooking statements. Brambles cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of Brambles only as of the date of this presentation. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. Brambles will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this presentation except as required by law or by any appropriate regulatory authority

24 Contact details Cathy Press Group Vice President, Capital Markets James Hall Director, Investor Relations & External Communications james.hall@brambles.com Appendices 23

25 Appendix 1 Glossary of terms and measures Except where noted, common terms and measures used in this document are based upon the following definitions: Actual rates Brambles Value Added (BVA) Capital expenditure (capex) Cash flow from operations Constant currency In the statutory financial statements, foreign currency results are translated into US dollars at the applicable actual monthly exchange rates ruling in each period. Brambles Value Added (BVA) represents the value generated over and above the cost of the capital used to generate that value. It is calculated using fixed June 2010 exchange rates as: Underlying profit; plus Significant items that are part of the ordinary activities of the business; less Average Capital Invested, adjusted for accumulated pre-tax Significant items that are part of the ordinary activities of the business, multiplied by 12%. Unless otherwise stated, capital expenditure is presented on an accruals basis and excludes intangible assets, investments in associates and equity acquisitions. It is shown gross of any fixed asset disposals proceeds. Cash flow generated after net capital expenditure but excluding Significant items that are outside the ordinary course of business. Constant currency results are presented by translating both current and comparable period foreign currency results into US dollars at the actual monthly exchange rates applicable in the comparable period, so as to show relative performance between the two periods before the translation impact of currency fluctuations. 47 Appendix 1 Glossary of terms and measures (continued) Except where noted, common terms and measures used in this document are based upon the following definitions: Continuing operations EPS Continuing operations refers to CHEP, Recall and Brambles HQ. Profit after tax, minority interests and Significant items, divided by shares in issue. Free cash flow Sales revenue Shares in issue Significant items Underlying profit Cash flow generated after net capital expenditure, finance costs and tax, but excluding the net cost of acquisitions and proceeds from business disposals. Excludes revenues of associates and non trading revenue. Based on weighted average shares in issue of 1,425.4M in ; 1,403.8M in 1H10. Significant items are items of income or expense which are, either individually or in aggregate, material to Brambles or to the relevant business segment and: outside the ordinary course of business (e.g. gains or losses on the sale or termination of operations, the cost of significant reorganisations or restructuring); or part of the ordinary activities of the business but unusual due to their size and nature. Underlying profit is profit from continuing operations before finance costs, tax and Significant items

26 Appendix 2 Significant items Actual rates Underlying profit Significant items: Acquisition-related costs Restructuring costs Subtotal Operating profit US$M (6.9) 0.5 (6.4) H10 US$M (2.1) (2.1) Appendix 3 Currency mix currency mix at actual FX rates US$M Total USD EUR GBP AUD Other Sales revenue 2, Operating profit Net debt* 1, , (101.6) * Net debt shown after adjustments for impact of financial derivatives 50 25

27 Appendix 4 Credit facilities and debt profile US$B Maturity Type Committed facilities Debt drawn Headroom < 12 months Bank/USPP* years Bank years Bank years USPP* years 144A** > 5 years USPP*/144A** Total * US Private Placement ** US 144A bonds 51 Appendix 5 Capital expenditure breakdown US$M actual rates Pallets 18% Containers Other 6% 76% cash Accrual movement additions Recall Land and P&E Pooling Containers Pallets 52 26

28 Appendix 6 CHEP sales revenue by service line US$M, actual rates Growth vs. 1H10 Pallets 4% RPC 6% Automotive 9% Other 11% 1,555 Pallets RPC Automotive Other 88% 5% 4% 3% Growth % calculated on constant currency basis 53 Appendix 7A Americas sales revenue by service line US$M, actual rates Pallets RPC Automotive Other 96% <1% <1% 3% Growth % calculated on constant currency basis 54 27

29 Appendix 7B Americas sales revenue by region US$M, actual rates Growth vs. 1H10 USA 1% Canada 5% Latin America 14% Other 3% 555 USA Canada Latin America Other 70% 14% 13% 3% Growth % calculated on constant currency basis 55 Appendix 8 CHEP USA quality costs US$M Actual Forecast Component FY10 2H11 FY11 FY12 Ongoing (per year) Pre-Better Everyday Better Everyday Total

30 Appendix 9 CHEP USA rejections accumulated Rejections as a percentage of pallet issues 0.6% 0.5% 0.4% July 08, 0.5% 0.3% 0.2% 0.1% Dec 10, 0.2% 0.0% Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct Appendix 10A CHEP USA plant operations and transportation trends Plant cost ratio* (Plant costs / Sales) Transportation cost ratio (Transportation costs / Sales) 45% 40% 35% 30% 25% 20% 58 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 * FY08 and subsequent periods include impact of quality initiatives. 33% 28% 23% 18% FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 29

31 Appendix 10B CHEP USA productivity trends Control ratio (Returns + Recoveries / Total issues) New equipment issue ratio (Pallets purchased / Total issues) 100% 10% 98% 96% 94% 92% 59 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 8% 6% 4% 2% 0% FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 Appendix 11A EMEA sales revenue by service line US$M, actual rates Growth vs. 1H10 Pallets 4% RPC 12% Automotive 11% Other 94% 642 Pallets RPC Automotive Other 86% 6% 7% 1% Growth % calculated on constant currency basis 60 30

32 Appendix 11B EMEA sales revenue by region US$M, actual rates Growth vs. 1H Western Europe UK & Ireland Iberia 7% 3% 4% France 4% 97 MEA 18% CEE 23% Western Europe UK & Ireland Iberia France MEA CEE Unitpool 26% 26% 20% 13% 11% 3% 1% Growth % calculated on constant currency basis 61 Appendix 12A CHEP Europe plant operations and transportation trends Plant cost ratio (Plant costs / sales) Transportation cost ratio (Transportation costs / sales) 35% 30% 30% 25% 20% Major pallet sizes (B1210A and B1208A only) 62 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 26% 22% 18% FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 31

33 Appendix 12B CHEP Europe productivity trends Control ratio (Returns + Recoveries / Total issues) New equipment issue ratio (Pallets purchased / Total issues) 98% 96% 94% 92% 90% Major pallet sizes (B1210A and B1208A only) 63 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 10% 8% 6% 4% 2% 0% FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 Appendix 13A Asia-Pacific sales revenue by service line US$M, actual rates Growth vs. 1H10 Pallets 5% RPC 7% Automotive 6% Other 2% 151 Pallets RPC Automotive Other 69% 16% 7% 8% Growth % calculated on constant currency basis 64 32

34 Appendix 13B Asia-Pacific sales revenue by region US$M, actual rates Growth vs. 1H10 Australia 1% New Zealand 5% China 73% SE Asia India 13% 240% 182 Australia New Zealand China SE Asia India 83% 9% 5% 2% 1% Growth % calculated on constant currency basis 65 Appendix 14 Recall sales revenue by service line US$M, actual rates 39 DMS Growth vs. 1H10 4% 74 SDS DPS 6% 2% 272 DMS SDS DPS 71% 19% 10% Growth % calculated on constant currency basis 66 33

35 Appendix 15 Paper prices North America US$ actual rates Price per ton Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec first-half results 15 February

COPIES OF SLIDES FOR INVESTOR PRESENTATION AND WEBCAST

COPIES OF SLIDES FOR INVESTOR PRESENTATION AND WEBCAST Brambles Limited ABN 89 118 896 021 Level 40 Gateway 1 Macquarie Place Sydney NSW 2000 Australia GPO Box 4173 Sydney NSW 2001 Tel +61 2 9256 5222 Fax +61 2 9256 5299 www.brambles.com 16 August 2012 The